The MLS is Growing, But Not the Way You Might Think
The structure of organized real estate in the U.S. is undergoing a quiet but meaningful transformation, and for agents and brokers navigating multiple markets, the implications are real.
Real Estate News & Industry Updates
Latest real estate news and on the real estate industry and profession.
Investors Unload Record Number of Homes as Market Pressures Mount
Real estate investors sold nearly 11% of all homes nationwide in 2024—the highest share in over two decades of tracking, according to Realtor.com’s latest investor report. That figure represents over 500,000 homes sold by investors last year alone. But unlike the investor selloffs we saw during the housing boom, this time it’s not about taking profits—it’s about stopping the bleeding. With rental prices cooling and returns tightening, investors are repositioning fast.
The shift is visible in the numbers. While investor buying slowed slightly compared to 2021 and 2022, the drop in sales volumes didn’t mirror that pace. Instead, more investors decided to exit, particularly in states where home values have flattened or rent growth has stalled. The map below tells the story—investors are still net buyers in most states, but the gap between what they’re buying and what they’re offloading has narrowed significantly.
Revisiting Subagency: A Hard Look at Real Representation in Real Estate
Maybe Subagency Isn’t So Crazy After All
So… Rob Hahn stirred the pot again. In his recent piece, A Modest Proposal: Bring Back Subagency, Rob suggests we ditch buyer agency and go back to the “good old days” where everyone worked for the seller—and he makes the case better than I expected.
Free Speech Concerns Addressed as NAR Finalizes SOP 10-5 Revisions
Just days after I wrote about the controversy surrounding NAR’s Standard of Practice 10-5 (SOP 10-5), the National Association of REALTORS® Board of Directors has officially ratified changes to the standard. As expected, the updates focus on clarifying the definition of “harassment” and narrowing its scope to only apply when REALTORS® are acting in a professional capacity.
This morning’s move at the REALTORS® Legislative Meetings in Chicago formalizes the proposed revisions that had been in the works since 2023. According to NAR President Kevin Sears, the aim is to better align Article 10 of the Code of Ethics with similar standards used by other large trade associations, while also easing enforcement for state and local associations.
Redfin Shareholders Say Yes to Rocket Deal—Industry Shakeup Ahead?
If the preliminary vote tallies hold, Redfin shareholders just gave Rocket Companies the green light to buy them out for $1.75 billion. That vote took place yesterday, June 4, during a special meeting that followed some last-minute legal fireworks and a bit of political heat. Assuming everything stays on track, the deal will close before the end of June.
For those who haven’t been tracking it closely, this merger means Rocket, best known for Rocket Mortgage, is about to add a national real estate brokerage, tech platform, and salaried-agent workforce to its portfolio. It also means Redfin, which hasn’t had a profitable year in nearly two decades, gets absorbed into a company with the budget and appetite to scale their model nationwide.
$16 for $11,000 in Commissions? New Court Brief Blasts Real Estate Settlement
Law professor and home seller Tanya Monestier has filed an appeal to overturn the Sitzer/Burnett commission lawsuit settlement. She argues the deal gives sellers almost nothing—about 0.1% of their damages—while leaving the commission system largely intact. If the court agrees, the entire $1.8 billion+ settlement could be thrown out, reopening the litigation and undoing all the current rule changes. Her brief is below for anyone who wants to dig into the details.
When Tanya Monestier first objected to the Sitzer/Burnett settlement last fall, I wrote that her critique exposed the uncomfortable truth: this deal might look good on paper, but in practice, it’s left most sellers just as stuck in the old system as before. Now, she’s doubled down with a formal brief to the U.S. Court of Appeals for the Eighth Circuit—and she’s aiming not just to revise the settlement, but to throw it out entirely.
NAR Reconsiders SOP 10-5 Amid Free Speech Concerns
The National Association of REALTORS® (NAR) is set to consider revisions to Standard of Practice 10-5 at its upcoming June 2025 Board of Directors meeting. These proposed changes aim to address longstanding concerns about the scope and enforcement of the standard, which prohibits REALTORS® from using harassing speech, hate speech, epithets, or slurs based on protected characteristics.
Since its adoption in 2020, SOP 10-5 has been criticized for potentially infringing on members’ freedom of speech, particularly in contexts unrelated to their professional real estate activities. Notably, there have been instances where REALTORS® faced disciplinary actions for expressing personal religious beliefs outside of their professional roles. For example, Wilson Fauber, a Virginia REALTOR® and ordained minister, was found in violation of SOP 10-5 after reposting a Bible verse on his personal Facebook page. The post, which supported the biblical view of marriage, led to ethics complaints and potential penalties, including fines and loss of REALTOR® membership .
Clear Cooperation No Longer Clear-Cut as Howard Hanna Breaks Away
Howard “Hoby” Hanna didn’t mince words in his interview with Inman this week. The CEO of Howard Hanna Real Estate Services drew a hard line in the sand, declaring that his company will no longer view the National Association of Realtors’ Clear Cooperation Policy (CCP) as binding. “We’re giving our sellers and ourselves choice,” Hanna said, emphasizing the need for flexibility, innovation, and freedom from what he called “the edicts of organized real estate.” His broader point echoes what I’ve written about before—real estate is local, not one-size-fits-all. National policies that fail to respect the uniqueness of individual markets create confusion, increase legal risk, and ultimately don’t serve consumers or agents well.
Hoby’s argument, that MLSs should control their own participation rules rather than enforcing blanket NAR mandates, aligns with what many of us in the industry have been quietly thinking (although I’m not always so “quiet” on it). As the structure of compensation and cooperation continues to unravel post-NAR settlement, it’s time for brokerages to evaluate their models. I’ve long said that giving buyers and sellers more transparency and agents more tools is the path forward, not adding layers of compliance. Hanna’s defiance may seem bold, but it’s likely just the beginning. As he put it, “We actually think other people should take a hard look.” I think they will.
Rocket, Redfin, and the Real Estate “Renaissance”: Wall Street’s Take from the Trenches
I just finished Rob Hahn’s latest Notorious POD episode with Ryan Tomasello, managing director and equity research analyst at KBW (see his profile here). The episode is required listening for anyone trying to understand what’s really coming next for our industry. You’ll find the full episode embedded below.
Wall Street analysts are calling this a real estate “renaissance.” This is not business as usual. As Tomasello pointed out, there’s no modern industry that’s seen this kind of disruption—not even the taxi/Uber fight compares. We are watching the foundation shift in real time.
Agents Are Making More Money—but Losing Faith in NAR, Survey Finds
A newly released industry survey puts some hard data behind the shift many agents have been sensing: higher income potential, yes—but also higher dissatisfaction with the profession and its institutions. The survey, conducted by Redfin in partnership with Ipsos, focused on 500 non-Redfin agents who closed at least one deal in 2024. Among its most striking findings: while nearly 30% of agents reported earning over $100,000 last year, only 21.2% would recommend real estate as a career. And over half now say they hold an unfavorable view of the National Association of Realtors (NAR)—up sharply from just 19% the year before.
As the chart below shows, more agents are getting deals done. In 2024, 72.2% closed more than five sales, up from 63% in 2023. Incomes rose in step, with 58% earning over $50,000 compared to 49% the prior year. But performance isn’t the whole picture. The Redfin survey highlights growing pressure from commission negotiations, uncertainty about brokerage support, and sharp disillusionment with NAR following last year’s $418 million settlement. Nearly four in ten agents say those changes have already hurt their business, while over half report more clients are trying to haggle commissions. It all adds up to a real disconnect: the deals are getting done, but confidence in the industry’s leadership is slipping fast.